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Nairaland Forum / Nairaland / General / Politics / Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo (8497 Views)
Nigeria's Economy Was Better Under My Administration - Jonathan Replies Sagay / How Nnamdi Kanu Fell From Grace - By Tony Adibe / We Never Complained In 2008 When Oil Price Fell From $148 To $38 By N Iweala (2) (3) (4)
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Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Pidggin(f): 1:41pm On Apr 08, 2016 |
If she left nothing in ECA what did Buhari use to bail out States and what has he been using to fund his multiple trips, and allocate monthly payments to States, what has INEC been using to organize elections and how has FG workers continue to be paid salaries e. t. c without borrowing? |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by aresa: 1:46pm On Apr 08, 2016 |
mekaboy: Basically, the people who mismanaged Nigeria financially and economically for 16 years that laid the foundation for our problems are really not responsible for the current situation, but a less than one year government trying to clean up their 16 years worth of mess is responsible. Thia crazy and wild things you read on NL sometimes... 1 Like 1 Share |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by TheGoodJoe(m): 1:46pm On Apr 08, 2016 |
aresa: Despite the large windfall of revenue from Crude Oil, Ngozi Okonjo-Iweala still deeper her hands in the ECA funds without appropriation to pay for Subsidy funds. Now people want us to see that kind of person as the messiah on economic matters. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by obailala(m): 1:46pm On Apr 08, 2016 |
mekaboy:Apply some common sense man... When there is no economy, there is nothing that can be managed even if you hire the best angelic managers. She has simply said Nigeria survived the meltdown in 2008-2009 simply because Nigerian leaders then had saved substantially. The recent crisis is hitting Nigeria badly cos the ineffectual clueless one did not have 'saving' in his dictionary. I remember the ineffectual one bragging that Nigeria's economy was booming, hence we had lots of private jets in 2014. It took oil prices to dip a bit before all that crashed in his face. Now today, some buffoons are claiming this is all buhari's fault. ![]() 2 Likes |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by aresa: 1:47pm On Apr 08, 2016 |
Pidggin: Is ECA the only source of federal income? 1 Like |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Pidggin(f): 1:50pm On Apr 08, 2016 |
aresa: Can PMB spend FG income without a budget being passed? 1 Like |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by 9jatriot(m): 1:51pm On Apr 08, 2016 |
Don't mind them. They keep trying to play smart thinking everyone has low memory. The internet is there to keep records. Imagine NOI claiming crude sold at $38 in 2008, very fat lie, the price never went below $56 and did not stay low for very long. Ignoring them would have been the best option but the amount of damage they would have done if ignore would be too much. I had to ask one of them the other day if Nigeria was like London before 2015 that APC turned to Somalia in 10 months. They try to make it look we were doing so well only to be stalling in the last 10 months. obailala: |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by mekaboy(m): 1:52pm On Apr 08, 2016 |
aresa: Borrowing is not bad as long as your economy is growing at a rate that supports it. Even America is owing china even with their growth. The economy was stable under her and she could borrow easily as investors were more confident in her policies. Today buhari is destroying the economy and still Borrowing. Investors are fleeing and have no confidence in his team. Our growth is low and inflation is on the rise. That is the difference between buhari Okonjo borrowing and NEPA certificate borrowing. 1 Like |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by mekaboy(m): 1:58pm On Apr 08, 2016 |
obailala: Is oil prices the reason why the stock market is crashing? Is oil price the reason foriegn investors are selling off their stocks and bonds are moving dollars out of the country instead of bringing in dollars? Would they have been on the run if GEJ won? Even dangote said it's GEJS economic policies that made him who he is today. The moment Nigerians voted in NEPA certificate, investors knew it was time to leave. As they are running back to their country, our president is running after them. 2 Likes |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by 9jatriot(m): 2:07pm On Apr 08, 2016 |
Forgive me, you never heard of Dangote exploit in the business world until GEJ came into power ![]() mekaboy: |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by mekaboy(m): 2:25pm On Apr 08, 2016 |
9jatriot: refer to this for more understanding www.nairaland.com/3009153/jonathan-made-me-richest-man#44075351 |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by aresa: 2:33pm On Apr 08, 2016 |
Pidggin: Budgets doesn't and can not stop the government from functioning. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by mekaboy(m): 2:33pm On Apr 08, 2016 |
TheGoodJoe: The same subsidy u protested and kidnapped her mother because she wanted to remove. But u support the removal under the confused govt of PMB that says they are not paying subsidy but our reserves are going down rapidly? Why don't u arrest her if payment was illegally done? |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Abagworo(m): 2:34pm On Apr 08, 2016 |
Obasanjo is the man. However the reason we had more problems in 2014 was simply the minimum wage which increased recurrent expenditure. We had to borrow to pay salaries from January to May 2015. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Geniro: 2:37pm On Apr 08, 2016 |
4Play: Great submission especially on the emphasis |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by obailala(m): 2:39pm On Apr 08, 2016 |
mekaboy: Economics 101: Investors do not go to a society where there is no money. There is a reason why foreign investors would prefer a Nigeria over Chad or Togo as their investment destination, it is because there is so much money to be made in Nigeria. With the drastic drop in oil prices and the sharp drop in the nation's income, Nigeria is no longer as lucrative a destination as it used to be for foreign investors. The stock exchange is also about money, when there is no money in the economy, the stock exchange loses vibrancy, and investors (especially foreigners) would pull their funds out and take it elsewhere where money can be made. Just like in life, it is during hard times a man knows who his true friends really are. Would it have happened if GEJ had continued, the answer is yes! it started happening when GEJ was still on seat and NOI warned Nigerians to brace up for hard times. Go and educate yourself, it is mostly common sense. But you allow bigotry and careless sentiments to block your ability to discern simple things. 3 Likes 1 Share |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by TheGoodJoe(m): 2:41pm On Apr 08, 2016 |
mekaboy: This is not about the Subsidy but the lies your Saint Ngozi Okonjo-Iweala spread. The Governors did not stop her from saving the ECA funds. She broke the trust by illegally withdrawing from the funds and breaking the trust. The Subsidy protest was not a license for her to take funds without appropriation. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Geniro: 2:44pm On Apr 08, 2016 |
obailala: Shiite chatting z****E, when there is no clear policy drive for the economy, investors are in a limbo on how to effectively plan. This in turn means they have to either withhold or withdraw their funds due to the uncertainty in the system. 1 Like |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Nobody: 2:45pm On Apr 08, 2016 |
plaetton:U didn't mention metuh and dasuki gate |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by TheGoodJoe(m): 2:47pm On Apr 08, 2016 |
obailala: It is only ethnic and tribal bigots that cloud their reasoning of basic logic. Ngozi Okonjo-Iweala announced that hard times was on the way. So how come now the hard times is here Buhari takes the blame. With or without Buhari, we would still be in this mess. If Ngozi Okonjo-Iweala had managed the reserves, it would not be this bad. Unfortunately, she did not and people want the blame on others. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Pidggin(f): 2:47pm On Apr 08, 2016 |
aresa: You can't spend govt acquired revenue without a budget |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by plaetton: 2:51pm On Apr 08, 2016 |
charliboy654: Mention them in what sense ? Buhari was equally a beneficiary of Dasuki gate. I do not support corruption by anyone. But, it's laughable for a person who rode to power fully financed by corrupt public officers and state Treasury looters to probe the opposition party's election finances. 1 Like 1 Share |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by TheGoodJoe(m): 2:52pm On Apr 08, 2016 |
Geniro: Why did Ngozi Okonjo-Iweala not say that we should not brace ourselves for Austerity measures because she had the magic wand to save us from the coming crisis. “There are scenarios at $55, $50 and below of the additional measures that will be needed, and I believe that though this will be A VERY DIFFICULT YEAR for the country, we have the tools, we know how to apply them and we know that working together, we will be able to take this country through this year and then to a brighter 2016.”...Ngozi Okonjo-Iweala. You can see, she prepared for A VERY DIFFICULT YEAR for Crude Oil sold at $55, $50 and below, but you want magic from Buhari with Crude Oil selling below $35 a barrel. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by aresa: 2:55pm On Apr 08, 2016 |
mekaboy: Funny enough, the same woman used falling oil prices which was at $60 to justify borrowing to pay salaries.. If the economy was doing so great, why borrow to pay salaries? And if she borrowed more than half of the 2015 budget to run the country when oil was at $60 dollars, what exactly do you expect to happen now that oil is selling for nearly half of that $60 ? You people act as if we are stupid or have collective amnesia and wasn't in Nigeria when Jonathan and this woman wrecked Nigeria. We are talking about the same woman we put in charge of our money, but the same woman had jo clue or looked the other way when all government agencies refused to remit generated funds into our federal account, she either coluded or did not know anything about missing oil billions at NNPC when in fact she was supposed to know everything about our generated money to the last kobo. What about our money she gave to dasuki to loot and share? You ever wonder how many roads, bridges, hoapitals, schools and so on that can build? In sane and credible countries, they sack people like her... |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Geniro: 3:00pm On Apr 08, 2016 |
TheGoodJoe: NOI statement could be interpreted in different ways. One thing is very sure, NOI woudn't have jacked up our budget to over 6 Trillion naira in a "difficult year" packed with many nonsense |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by nduchucks: 3:01pm On Apr 08, 2016 |
Ngozi is being unnecessarily mischievous and dishonest. Prior to the 2008 crash of oil price, Nigeria's foreign reserve had reached an all time high of $62billion. Upon the crash of the said price, CBN had more than enough reserves and funds in Excess Crude Oil account to defend the naira and keep the economy going strong, to weather the storm. Now, prior to the current crash, GEJ's administration had not only squandered the reserves but also the excess crude oil funds, all in furtherance of re-electing GEJ and his PDP goons. To perfect the looting of the reserves, they found a way to get rid of Sanusi. Today, our foreign reserves are less than $27billion and the excess crude oil funds have been depleted. Iweala should shut da heck up and kwantinu to enjoy her cut from all the loans she secured for Nigeria from China, until nemesis catches up with her. Barayi banza. ![]() 1 Like 1 Share |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by TheGoodJoe(m): 3:03pm On Apr 08, 2016 |
Geniro: She expected a very difficult year. We are having one. People should stop the ridiculous Buhari destroyed the economy. The fact is that Ngozi Okonjo-Iweala mismanaged a windfall and just after the windfall, she forecasted a very difficult year. Meaning she failed woefully and she destroyed the economy. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by obailala(m): 3:04pm On Apr 08, 2016 |
TheGoodJoe:The funny thing about the cretins is that when you deflate their lies and senseless arguments with facts, they resort to name calling and accuse you of BLAME GAME. Just the other day I was in an argument with one confused boy who claimed Buhari/Fashola have destroyed our power infrastructure. He thinks a Buhari who only just got his first budget approved should be blamed, but he doesnt think a GEJ who spent over $10bn on power but handed over an epileptic system which was generating a measly 1327mw as at handover should take any blame. Some these cretins and their opinions really need to be ignored totally, but I fear for the level of damage they would have done in terms of distorting public opinion if allowed unchecked. 1 Like 1 Share |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by aresa: 3:05pm On Apr 08, 2016 |
Pidggin: What exactly is your point because you sound confused. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by Geniro: 3:06pm On Apr 08, 2016 |
TheGoodJoe: Judging by the current admin jacking up the budget to over 6 trillion loaded with vile nonsense. What is your defense towards that ? Huh !! Would NOI tow such senile route if she was still in charge ? |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by obailala(m): 3:07pm On Apr 08, 2016 |
nduchucks:NOI actually acknowledged that the economy survived in 2008 because of the savings. Pay no attention to the dubious characters who titled the report this way, they know Nigerians only read titles. NOI however absolved herself of all blame by claiming it was the governors that prevented her from saving under GEJ. |
Re: Crude Oil Price Fell From $140 To $38 In 2008, Still Economy Was Stable: Okonjo by TheGoodJoe(m): 3:08pm On Apr 08, 2016 |
Geniro: If anyone was senile, it is Ngozi Okonjo-Iweala who mismanaged the reserves and one of the largest, if not the largest windfall in the history of Nigeria. She towed in the most senile route. |
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